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Pull a Dewey

Posted by: Laurence Simons 22/06/12

Pretty Big News time now, as New York Biglaw firm Dewey & Lebeouf has collapsed in on itself in a hail of debts and a shale of partners. You might have heard about this already. It's kind of the biggest news in law in 2012.

With such a large firm nose-diving into oblivion - the dearly departed was a 1,000-strong firm for a while - the sector has been rocked a little by the news. Shifty side glances abound. And according to Zeughauser Group legal consultant Kent Zimmerman, a number of firms have woken up after the party and taken a cold, hard look at themselves in the bathroom mirror.

"Dewey's failure is rocking the industry, in the sense that most firms are saying to themselves, if Dewey could go down, could we?" he told MSNBC. And could they? Well, yes. If you want to get a read on how well your firm is doing, take a peek at how much the number bods in accounts are sweating nervously into their nylon shirt collars, and if it's 'a lot', it might be time to start fishing around for a Plan B.

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